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Buying a house in Hudson: Getting to know the city

Hudson is a city that was built in the year 1878 by Isaac Hudson. It is a city that has seen a lot of ups and downs. It started off as a lumber based economy that later moved to shrimping and then became a real estate hub. It is famous for its waterfront properties, but new neighborhoods have sprung up further inland; It is a sprawling little place. The median price of a house here is around $124,900 and the per sq.ft price is still only $79. Now may be the right time to buy here.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

A guide to Hudson city

Learn more about Hudson

Hudson was set up in the 1870's as a lumber yard that sent wood on trains to Tampa. The city is famous for becoming a really big caravan camping spot which then slowly became permanent settlements. The waterfront properties were built with the help of the Army Corps. The canals were dug out and made many street like canals with homes around it. The place is well planned and well constructed. The city is a major hub for retirees with the median age of the population around 53. The people are mature, so the city is built to cater their needs. 82% of the residents here are homeowners, so move into this city post retirement with your own home. With so much space to cover and the city built as a residential town, you can expect it to be well planned and the infrastructure is fairly new. Hudson may just be the place you retire to.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Hudson is a perfect retirement town

Move into this beach city right away

One of the best feelings of security is to have and live in a house that belongs to you and for many there is only shot at getting a house. Houses are also expensive and requires a mortgage loan that will have to paid off over time. Before getting a mortgage for a house here in Hudson, remember to give us a call. Unlike other lenders, we rely on a scientific method to create a repayment plan and set rates based on a profile that we create for every user. No two people are the same or have the same career graph, so why should loans be set on just the credit score? That is why we consider a lot more in our plans than just the credit. Fill in our online application that is quick and simplified. We do not have any real paperwork, it is all done online and the process is fool proof. Call our expert customer service team to learn more.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Common Questions About Buying a Home in Hudson

All The Answers You Need to Settle Down Sooner

Should I choose a fixed or adjustable rate?

It depends how long you expect to stay in the home. Adjustable rates are good for people who may not be in the home long, whereas fixed rates are ideal for people who are confident of settling in.

Do I need a home appraisal?

Probably—in most cases, the homebuyer must use an appraiser to evaluate the value of the home. Appraisal costs vary depending on the value of the property, as well as the state the house is in. Buyers cannot choose their own appraiser—the bank makes the decision.

What is PMI?

Private mortgage insurance (PMI) is required when a homebuyer makes a down payment of less than 20%, or when a borrower refinances with less than 20% equity in the home. PMI fees vary according to your down payment and credit score, and adds a premium to your monthly mortgage payment. Please note, PMI is tax-deductible in 2015 and 2016 for certain income brackets.

What does Loan-to-Value mean?

Loan-to-Value (LTV) is the percentage of your home’s value that your loan represents. When refinancing, the calculation is simply the loan amount divided by the appraised value. When buying a home, the LTV is found by dividing by either the purchase price or appraised amount, whichever is lower. When the LTV is less than 80%, the lender generally requires PMI.

For example:

Purchase price: $100,000
Down payment: $15,000
Loan amount: $85,000
Appraised value: $110,000
LTV: $85,000/$100,000 = 85%

What are closing costs?

Closing costs are standard fees associated with a real estate transaction. You will typically pay about 2-5% of the purchase price in closing costs—the exact amount depends on where you are buying (or refinancing), as well as number of extra fees involved in your particular transaction. Earnest charges no lender fees, so the borrower is only responsible for 3rd-party fees.

What should I consider before refinancing my mortgage?

Refinancing your home loan is an attractive option when rates are low. A simple rate and term refinance can help you lower your monthly payment and potentially eliminate your PMI premium, as long as you have built up enough equity in the home. You might also use a cash-out refinance to access some of the equity you’ve built up in the home (which may result in a higher monthly payment on your new loan).

However, keep in mind that refinancing a mortgage does involve several fees (closing costs). Before refinancing, you should calculate the ‘break-even’ point at which your refinanced loan makes up for the closing costs. If you plan to leave your home before this time, it’s better to stay with your current mortgage.

Knowledge Is (Buying) Power

Further Resources from the Earnest Blog

People around a computer

The intelligent home loan

When it comes to finding the right home loan, Earnest works hard to ensure that the process pain-free. We use an industry-leading and intuitive online-only application (meaning most times no scanner or fax machine required), a 5-star client service team, and a unique rolling pre-approval that stays current while you track down that perfect home. At Earnest, the home loan process is like no other.